The Canada Pension Plan Investment Board is committing US$200 million as a first step into India’s real estate sector.
The Canadian fund manager will have an 80 per cent stake in the joint venture, which will focus on office buildings in major Indian cities.
The venture will be co-owned by one of India’s established real estate developers, the Shapoorji Pallonji Group.
Canada Pension Plan Investment Board manages about $193 billion worth of assets, including about $22 billion of real estate.
The board manages the assets for the Canada Pension Plan.